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In this video tutorial, the presenter demonstrates how to hide placeholder text that appears as light gray in content control form fields. While this text helps users know where to fill in information, it can be undesirable to display it. To hide the placeholder text, the presenter guides viewers through an example form using plain text form fields. The steps include entering design mode, selecting the placeholder text (including the period), right-clicking, and choosing the font option. In the font effects section, there is a box labeled "hidden" that can be checked to conceal the placeholder text from users. Viewers are encouraged to check out the playlist for more on creating fillable forms.